Newcleo plc · NASDAQ:NWCL
Newcleo — SPAC Merger (September 2026)
76 slides from Newcleo's SPAC merger presentation, Sep 10, 2026
Slide 1: Analyst Day Presentation
Private and Confidential Analyst Day Presentation
Slide 2: Disclaimer
Disclaimer ‘This presentation the “Presentation") has been prepared by neucleo Ltd. (the “Company or “neweleo") forthe purpose of providing information to analysts and other attendees reper Investment Corp ill (NewHold" (collectively, the "Transactions" and is being delivered by the Company. ‘This P
Slide 3: A Successful Partnership, Driven by a Great Combination of Industry Expertise
A Successful Partnership, Driven by a Great Combination of Industry Expertise Stefano Buono, Co-Founder and Chief Executive Officer, newcleo Kevin Charlton, Chief Executive Officer, NHIC III Presentation / 10 September 2026
Slide 4: NHIC III - Experienced Sponsor With Proven De-SPAC Execution
NHIC Ill - Experienced Sponsor With Proven De-SPAC Execution Execution-focused sponsor partnering with newcleo to support its transi Chief Executive Officer Kevin Chariton CEO of NHIC I, I, I &1V President and COO of first three Hennessy Capital SPACS Prior experience includes Investcorp, JP Morgan,
Slide 5: Slide 5
Slide 6: newcleo
newcleo A new, vertically integrated and derisked player in nuclear energy with established facil | Offices (17) Sites (3) Land acqustions under way © Factories (4) Qualification, R&D, and ing centres (3) Subsidiaries. newcleo's Lead-Cooled Fast Reactor LFR, powered by MOX fuel, can operate at safe
Slide 7: What Sets newcleo Apart?
What Sets nevwcleo Apart? A leading Gen IV reactor business Per OECD Nuclear Energy Agency’, we rank... among fast reactors in Europe (8 designs) among European SMRs (19 designs) just behind Rolls-Royce SMR i William Magwood, Director-General of the OECD Nuclear Energy Agency (OECD/NEA) and former D
Slide 8: Industrializing Two Known, De-Risked, European Technologies
Industrializing Two Known, De-Risked, European Technologies 60s / 70s Inception LFR In the Soviet Union, Heavy Liquid Metal Coolant (HLMC) technology was developed for submarine propulsion. This pioneering work provides about 80 reactor-years of experience with liquid-metal fast reactors. MOX From t
Slide 9: newcleo's Synergistic Technology Portfolio, LFR and MOX
neweleo’s Synergistic Technology Portfolio, LFR and MOX newcleo’s closed fuel cycle fosters a synergistic relationship that provides lasting structural advantages Lead-Cooled Fast Reactors (LFR) Gen IV Advanced Modular Reactors (AMRs) cooled by liquid lead and powered by MOX fuel Mixed Oxide Fuel (M
Slide 10: Coupling LFRs and MOX to Close The Fuel Cycle
Coupling LFRs and MOX to Close The Fuel Cycle | Fuel fabrication ete arm <== The future: our vision newcleo Analyst Day Presentation / 10 September 2026
Slide 11: Path to Commercialization
Path to Commercialization: Successive Large-Scale Deployment is delivering incremental hardware milestones to build technical and commercial for future scaling Supply Chain was considered since the beginning as a critical function for FOAK delivery and has been staffed to allow early de-risking of C
Slide 12: Comprehensive Set of Relationships Across Commercial Institutions, Governments and Academic Labs
newcleo has a Comprehensive Set of Relationships Across Commercial Institutions, Governments and Academic Labs newcleo has established partnerships with global institutions across the full value chain BHIAVYS | BS, one LFR Deployment Joint Venture (i NEXTCHEM LFR Balance of Plant Engineering Joint V
Slide 13: Why newcleo?
Why nevccleo? Unique opportunity to participate in Europe’s leading Gen IV reactor business LFRs powered by MOX fuel build upon seven decades of research to create a uniquely safe, efficient and nuclear waste-reducing ecosystem that supplies clean and secure baseload power G) Strategic Technology Se
Slide 14: Executing Our Strategic Roadmap | Progress Since BCA
Executing Our Strategic Roadmap | Progress Since BCA Since announcing the business combination, newcleo has delivered meaningful progress across commercialization, regulatory engagement, strategic partnerships, vertical integration and fuel cycle execution — continuing to advance each pillar of its
Slide 15: Proven Team and Organization Built to Win
Proven Team and Organization Built to Win newcleo’s team and board are focused on significant advancements towards commerciali: Co-Founders with World-Class Nuclear and Executive Experience Strong governance Market ready ig clean, affordable and safe energy Stefano Buono Luciano Cinotti Elisabeth Ri
Slide 16: Closing the Fuel Cycle
Closing the Fuel Cycle: De-risking Supply while Contributing to Regional Energy Security Ruggero Corrias, Chief Public Affairs Officer Gabriel Floch, MOX Fuel Director
Slide 17: Fuel Cycle Independence: a Key Global Trend
Fuel Cycle Independence: a Key Global Trend NORTH AMERICA EUROPE and RUSSIA Sources: (Eurostat, March 2026), (European Commission, Apr 2026), (IEA, Apt 2025). (OECO.NEA & IAEA, April 2026), (The Heque Research Insitute, November 2026) £2026) - (Europesn Commission, Msy 2026] (PRS india, December 202
Slide 18: MOX and the Fuel Cycle
MOxX and the Fuel Cycle Analyst Day Presentation / 10 September 2026
Slide 19: MOX Manufacturing
MOX Manufacturing Scrap ? 7 32 Expedition Cask Loading eo. Manufacturing Pins Control Pins Manufacturing newcleo Analyst Day Presentation / 10 September 2026 19
Slide 20: newcleo's Approach to Mixed Oxide Fuel (MOX)
newecleo’s Approach to Mixed Oxide Fuel (MOX) The synthesis of MOX Fuel and newcleo’s LFR design achieves a closed loop ecosystem, enabling the multi-recycling of waste MOX-enabled Closed Fuel Cy Key Benefits of MOX Fuel Reduces Nuclear Waste Stockpiles: MOX fuel is made by blending spent Plutonium
Slide 21: newcleo Vertically Integrated Approach to Fuel Supply
neweleo Vertically Integrated Approach to Fuel Supply Fuel cycle MOX Fabrication Facility Fuel cycle Reactors Fuel cycle Transport Transport Transport Fresh Raw Fresh FA na Spent FA Material Transport Transport Transport Bi |__| | i) oe =e Unit 1 Plutonium and ciaLiiy care Fuel Assembly LFR-AS-200 F
Slide 22: Domains of Expertise within the Fuel Cycle Team
Domains of Expertise within the Fuel Cycle Team newcleo fuel cycle team addresses these 4 blocks of activities simultaneously as they all interact to provide the best output. Safety Security Project Management and Design Encineering Safeguards Licensing Law Construction Operation + Process (mechanic
Slide 23: Employees International Qualifications
Employees International Qualifications Over 100 payroll staff members have joined the newcleo fuel cycle team, bringing years if not decades of experience from around the world and various fuel cycle contributions. + Fuel Plant: MFFF (USA), MELOX (France), AtPu (France), SMP (UK), JMOX (Japan), CERC
Slide 24: Plant Design Configuration Progress
Plant Design Configuration Progress Significant investments and international talent acquisition to bring our MOX Manufacturing Facility from Concept to Operations po Endot ‘configuration ‘Manufacturing As built - Les Reference dase commissioned Configuration tend Bese : tee oelee eheterence reer Re
Slide 25: A Detailed WBS Supports the Plant Design
A Detailed WBS Supports the Plant Design Product Breakdown Structure for up to 235 subsystems and key equipments * 17 systems « Process Line » * 1 common system for non nuc Bdgs newcleo Analyst Day Presentation / 10 September 2026 In nuclear new build, clear and mutually consistent breakdown structu
Slide 26: A World Class Team Interacting with Regulators
A World Class Team Interacting with Regulators A talent pool of over 100 professionals dedicated to the development of MOX technology Great achievements from a great team newcleo brings together early-career engineers, experienced professionals from major nuclear organizations, and highly respected
Slide 27: The newcleo Plant within the SRS Perimeter
The newcleo Plant within the SRS Perimeter A Savannah River Site area under discussion with DOE. 20 miles south of Aiken, SC. * The newcleo Fuel Facility is expected to include a process line building (larger box in the sketch) and a group of buildings : LIF ‘ that directly connect to it. All are ex
Slide 28: Disciplined Approach to FOAK Delivery
Disciplined Approach = Eat to FOAK Delivery ee | 6 Zachary Johnson, LFR Program Director e ie Francisco Garcia Ferré, Materials & Chemistry Director Analyst Day Presentation / 10 September 2026
Slide 29: Lead has Unique Advantages for Developing a Fast Reactor
Lead has Unique Advantages for Developing a Fast Reactor iency newcleo’s LFR technology harnesses the favorable properties of lead while enhancing safety and effi Favorable Characteristics perties to be managed = ad properties Safety _|Plantefficiency| Cost-effective, Comme << | 2 | application Atmo
Slide 30: newcleo's Design: Simplification is Key
newcleo’s Design: Simplification is Key CLASSICAL Pump in the cold collector INNOVATIVE COMPONENTS/SYSTEM part of the heat exchanger STEAM GENERATOR, REFUELLING SYSTEM, DHR SYSTEM, CONTROL RODS, FUEL ELEMENT Primary fluid inlet in the upper Vertical of the primary coolant in the steam generator Comp
Slide 31: newcleo LFR Technology is Covered by Patent Families
newcleo LFR Technology is Covered by 26 Patent Families newcleo’s strategy is supported by a strong technical foundation that is internationally recognized + Primary pump + Steam generator with lead in cross-flow * Control and shut-down rods + Fuel assembly (innovate spacers & hydraulics, FA support
Slide 32: LFR-AS-200 Nuclear Power Plant Overview
LFR-AS-200 Nuclear Power Plant Overview newcleo’s LFR NPPs are expected to deliver reliable electricity and / or heat to end-users Electrical power 200 MWe ‘Thermal power 480 Mwth Core coolant temperature Inlet 420°C, outlet 530°C, ~1 atm Steam at turbine inlet 500°C, 150 bar Primary coolant Pure le
Slide 33: LFR Technology Key Benefits and Safety Features
LFR Technology Key Benefits and Safety Features ing the reactor design through the elimination of clas: newcleo’s LFRs are designed to enhance safety while simp! components + LFRs can fission heavy elements which allow the system to recycle materials that conventional reactors cannot, creating a cir
Slide 34: Qualification Program
Qualification Program Analyst Day Presentation / 10 September 2026
Slide 35: High Level Materials Strategy: Streams
High Level Materials Strategy: 5 Streams its materials programs and test labs to maximize performance and system efficiency NOT REPLACEABLE i | Reactor roof & rotating ph 9 plug | } standard steel is es Rotating plug \ Vessels x s_] REPLACEABLE LFR-AS-200 2 Primary pumps srupti newcleo has significa
Slide 36: High Temperature Unlocked by newcleo's Proprietary Grades
High Temperature Unlocked by nevwcleo’s Proprietary Grades Al-rich alloys are resistant to corrosion in Pb at 650°C and above REACTOR ROOF STEAM GENERATOR NE-AFA alloy Since roof structures are not in contact with lead, standard nuclear ‘rade steels like 304L can be utilized no contact with Pb Ni-ba
Slide 37: A Multidisciplinary Team of Specialists
A Multidisciplinary Team of 50 Specialists Delivering Patented Innovation am @ Metallurgy Characterisations Technical Unit Technical Unit EQ FR 9 Materials Engineering “1 Experimental D&Q 419 39 11 2 6 PERMANENT EMPLOYEES PH.D.s & POST-DOCS NEW PATENT APPLICATIONS SCIENTIFIC PUBLICATIONS H 10 Septem
Slide 38: Materials Tests Labs
Materials Tests Labs MATERIALS standard alloys surface modifications new materials a ty 7 A f 1 if INFRASTRUCTURE é Q Z chemistry metallurgy characterizations operational civil works operational siTes ees Tir Eneonmeet Fak Purpose-built to support LFR development, and flexible to support other indus
Slide 39: Our Qualification Program Underpins Design & Licensing Path
Our Qualification Program Underpins Design & Licensing Path A dedicated infrastructure is leveraged to support our safety demonstration CSG & §©6(| Steam Generator Tube Rupture joc. | Reliability of DHR provisions —k >; # # «| Concrete protective layer PHUSTLE In-service inspection & repair ES & «|
Slide 40: Progress to Date Reinforces Confidence in the Path Forward
Progress to Date Reinforces Confidence in the Path Forward Over ~$78m have been invested in Brasimone, the world’s largest center for lead technology development & qualification 2023-2024 2025 2026 e e e OBJECTIVE #s A 2 CAPSULE q CORE-1 N-LAB PRECURSOR BEE Corrosion testing in ] CORE-2 ‘Advanced ch
Slide 41: Group Companies Support On-Time Installation of PRECURSOR
Group Companies Support On-Time Installation of PRECURSOR Significant and tangible strides demonstrating rapid and steady pace towards product delivery es INNER VESSEL Analyst Day Presentation / 10 September 2026
Slide 42: Strategic Partnerships Complement our Qualification Effort
Strategic Partnerships Complement our Qualification Effort Partnerships across the globe targeting specific aspects of our program, in support of LFR-FOAK delivery ENEA ‘22 Pb technology CEA ‘23 Fast reactor technology + Agreement on GIV technology in the frame of France 2030 program + Focus on tran
Slide 43: Illustrative Qualification Outlook: Supporting LFR-FOAK Delivery
Illustrative Qualification Outlook’: Supporting LFR-FOAK Delivery Current priorities revolve around (i) infrastructure; (ii) heat transfer; and (iii) corrosion OTHELLO PRECURSOR mox © © Bas I] [202332024 52025 5 2026 > 2027 >> 2028 >> 2029 >> 2030 >> 2031 >> 2032 >S 2033 >> 2034 >> 2035 > a—s Inastn
Slide 44: LFR FOAK Delivery
LFR FOAK Delivery Analyst Day Presentation / 10 September 2026
Slide 45: LFR Projects and Partnerships
LFR Projects and Partnerships newcleo is focused on the advancement of its LFR deployment sites and leveraging existing and new strategic partnerships LFR Partnerships 9 Undergoing Discussions / = Poa + In June 2025, newcleo established a joint venture with JAVYS, the Slovak state- owned nuclear com
Slide 46: Vertical Integration and Supply Chain Partnerships
Vertical Integration and Supply Chain Partnerships' newcleo obtains access to decades of expertise and critical capabi In-house subsidiaries NEXT-N JV Selected industrial partners RUTSCHIM et NEXTCHEM LEAD SYSTEM COMPONENTS LEAD / WATER PUMPS: FUEL ASSEMBLY REACTOR VESSEL OXYGEN CONTROL SYSTEM BALAN
Slide 47: Industrial Supply Chain of 1515Ti Cladding Tubes
Industrial Supply Chain of 1515Ti Cladding Tubes newcleo’s OWN 1515Ti FUEL CLADDING TUBE SPECIFICATION Manufacturing expertise developed: 3 tonnes cast and industrial transformation steps meet specifications Analyst Day Presentation / 10 September 2026 aT
Slide 48: newcleo's LFR Projects - Delivery by a World Class Team
neweleo’s LFR Projects - Delivery by a World Class Team newcleo’s strategy is supported by a strong internationally recognized technical foundation delivered by a world class team newcleo’s Team of Professionals Gen IV reactors, Fast breader reactors, Lead fast reactors Licensing and regulatory affa
Slide 49: International Regulatory Strategy
International Regulatory Strategy to Support Technology Industrialization Stéphane Calpena, Chief Licensing & Regulatory Affairs Travis Chapman, Vice President, US Regulatory Affairs & Licensing newcleo Analyst Day Presentation / 10 September 2026
Slide 50: newcleo's Regulatory Strategy
neweleo’s Regulatory Strategy newcleo is pursuing approvals across multiple European & U.S. regulatory frameworks for both MOX & LFR technologies. December 2024: newcleo submits its safety options file, beginning the formal regulatory review process for its MOX technology and facility design. Initia
Slide 51: Diversified Commercial Strategy
Diversified Commercial Strategy to Address Wider Industrial Needs Emanuele Fontani, Business Development Director Dustin Greenwood, VP of US Operations Z ge. eS LY ye newcleo “0° Analyst Day Presentation /10 September 2026 51
Slide 52: Power Demand Growth as a Long-Term Market Driver
Power Demand Growth as a Long-Term Market Driver Global power demand expected to grow ~2x by 2050, mainly driven by increasing data centers demand, EV vehicles, electrification trends and new technologies Key demand drivers Increasing data centers demand to support growth of Al and cloud-based techn
Slide 53: SMR / AMR Could Reach 25-30% of Nuclear Capacity by 2050
Based on Existing Pipeline and Intended Uses, SMR / AMR Could Reach 25-30% of Nuclear Capacity by 2050, of Which ~35% in Europe and US Global nuclear capacity evolution by tech | GW ‘Nuclear capacity by technology in the IEA APS 2050, integrating upside from other uses Regional nuclear capacity evol
Slide 54: newcleo's Technological Advantages
newcleo’s Technological Advantages newcleo’s closed fuel cycle fosters a synergistic relationship that provides lasting structural advantages over competitors Lead-Cooled Fast Reactors (LFR) Gen IV Advanced Modular Reactors (AMRs) cooled by liquid lead and powered by MOX fuel includes pending patent
Slide 55: newcleo Delivers Flexible, Clean Energy While Enabling Recycling
newcleo Delivers Flexible, Clean Energy While Enabling Recycling Firm and Sustainable Enhanced Reduce SNF Secure and Reduced risk of reliable supply energy source flexibility stockpile circular supply proliferation Nuclear power Besides nuclear LFR represents a Reprocessing of Reprocessing of Manufa
Slide 56: Decarbonising Power and Industry with newcleo's LFR
Decarbonising Power and Industry with newcleo’s LFR newcleo’s short-term solution newcleo’s long-term solution Grid and Utilities Data Centers Off-Shore Nuclear Maritime Transport and Trigeneration Providing stable, Ensuring a stable, low- LFRs can simultaneously produce newcleo's LFRs combine Marit
Slide 57: newcleo's Value Proposition Across Key Power Markets
neweleo’s Value Proposition Across Key Power Markets Delivering reliable, low-carbon baseload power through advanced modular reactors and a resilient fuel-cycle model Grid Connection and Base Load Power Data Center and Colocation + 24/7 low-carbon baseload generation supporting grid + Reliable 24/7
Slide 58: Powering AI Infrastructure Behind-the-Meter and Off-Grid
Powering Al Infrastructure Behind-the-Meter and Off-Grid newcleo has been working with infrastructure suppliers across multiple sectors to develop optimized low-carbon solutions and grid auxiliary services for renewable intense grids, including BESS solutions. Standard Infrastructure =@- =. 0-@ Elec
Slide 59: newcleo's Value Proposition Across Key Industry Markets
newcleo’s Value Proposition Across Key Industry Markets A pathway to higher-temperature industrial markets LFRs combine low-pressure operation with the potential for I Low Medium High Very high progressively higher temperatures, creating opportunities across temperature temperature temperature tempe
Slide 60: Integrated Energy Solutions for Hard-to-Abate Industries
Integrated Energy Solutions for Hard-to-Abate Industries Delivering electricity, heat and hydrogen to multiple industrial sectors 800 Mwe plant (4 LFR-AS-200) + 200 MWe or 480MWth per unit (electricity and/or steam). + Multi-unit plant maintains continuous supply to the offtaker while the grid absor
Slide 61: Strategic Partnerships Leveraging LFR Technology
Strategic Partnerships Leveraging LFR Technology' newcleo’s state-of-the-art LFR technology is well-suited for high electricity consumption and heat demanding industrial applications Industry decarbonisation Low-carbon H production Heat for ind. processes Ammonia production & DANIELI Signed agreemen
Slide 62: Pipeline Overview
Pipeline Overview 9.2 GW multi-state pipeline across the U.S. and Europe Diversified geographic footprint: newcleo’s commercial pipeline includes 9.2 GW in Diligence and Negotiation, spanning the U.S. and multiple European markets including France, Slovakia, Belgium, Lithuania and Italy. This multi-
Slide 63: Government Partnerships Supporting Closed Fuel Cycle
Government Partnerships Supporting Closed Fuel Cycle newcleo is building partnerships with governments and state-owned nuclear entities to secure spent fuel access, develop local supply chains and enable deployment of its closed fuel cycle model. Partnerships Overview Left newcle and JAVYS signing j
Slide 64: Strategic Commercial Partnerships: Fuel
Strategic Commercial Partnerships: Fuel Oklo partnership validates newcleo’s technical and commercial leadership in advanced fuel manufacturing and recycling Partnerships Overview newcleo | Z3o0KkLo Partnership to Create Joint Venture Commercial Validation * On October 17, 2025, newcleo announced a
Slide 65: Building a Fully Integrated U.S. Nuclear Platform
Building a Fully Integrated U.S. Nuclear Platform From market entry and regulatory engagement to fuel production, reactor deployment and long-term recurring revenues Stage 1 (Completed) Market Entry Established newcleo's U.S presence and built the foundations required to access the market and engage
Slide 66: Financial Framework
Financial Framework Jon Stranske, Chief Financial Officer newcleo Analyst Day Presentation / 10 September 2026 — / 66
Slide 67: Group Financial Highlights - FY2025
Group Financial Highlights - FY2025 Revenue $37.0m + Decrease from FY2024 due to allocation of capacities to internal R&D facilities. FY2025 Revenue Other Income $21.9m + R&D tax credit and grants in both France and Italy. FY2025 Other Income Cash and Equivalents $124.2m + The cash decrease in FY202
Slide 68: newcleo's Business Model
newcleo’s Business Model newcleo offers a unique capex-light business model supported by diverse, high-margin revenue streams Project and Subs' Ownership newcleo’s Core Revenue Streams ') MOX Fuel Sales @ Reactor License @® Services & Equipment Early Project Ownership Stake + newcleo plans to own 20
Slide 69: Financial Highlights - EPCM Subsidiaries
Financial Highlights - EPCM Subsidiaries Vertically integrated approach enables newcleo to benefit from the nuclear renaissance today while supporting newcleo’s LFR and MOX commercialization Subsidiary Capabilities Existing Customers Provides engineering ; a, S06 services fornacear pent | CMI favers
Slide 70: Strong and Diversified Pipeline
Strong and Diversified Pipeline newcleo’s 9.2 GW pipeline is well-balanced across geographies and end-users to fully capture growing global nuclear demand Global Nuclear Energy Capacity Growth anvow a1 2026 (1) 4,203 GW 2050 (2) 3x growth in global nuclear capacity would imply a $7-13 trillion marke
Slide 71: newcleo's Illustrative Revenue Streams
newecleo’s Competitive Illustrative Revenue Streams newcleo expects to generate both upfront and recurring revenue per reactor deployed ed Bs B Development Per 200 MWe LFR: Total Revenue Pre-COD Construction Operation 6 years Te $60mm - $170mm Reactor License $0.30mm — $0.88mm per MW 100% Contributi
Slide 72: Go Forward Plan
‘newoleo engineer working inthe CGAPSULE and CORE facies” ‘contol roam Go Forward Plan Elisabeth Rizzotti, Co-Founder and Chief Operating Officer
Slide 73: Executing our Strategic Roadmap | Near-Term Milestones
Executing our Strategic Roadmap | Near-Term Milestones Transaction proceeds are expected to fund near-term commercial, regulatory, technical, and operational accomplishments over the next 12-18 months that will catalyze the deployment of our LFR and MOX technology eee SS eS) submitted to ASNR submit
Slide 74: Why newcleo?
Why nevccleo? Unique opportunity to participate in Europe’s leading Gen IV reactor business g Inherently safe liquid lead and MOX technology with decades of established commercial experience g Hardware deployment roadmap provides near-term de-risking milestones leading to FOAK Vertically integrated
Slide 75: newcleo's mission statement
“newcleo’s mission is to develop the safest and most advanced nuclear reactor to close the fuel cycle. newcleo will provide a competitive solution to the world's clean electricity needs while reducing the world’s nuclear waste liability.” newcleo Analyst Day Presentation / 10 September 2026 75
Slide 76: Important Information for Investors and Shareholders
Important Information for Investors and Shareholders Newcleo filed the Registration Statement with the SEC, which includes a preliminary proxy statement of NewHold and a prospectus of newcleo (the “Proxy Statement/Prospectus”) in connection with the proposed business combination between NewHold and